CSOP Nifty 50 Daily (-1x) Inverse Product
(Stock Code: 7335)

  • Overview
  • Performance
  • Tracking Difference/ Error
  • Holdings
  • Distribution History
  • Documents
IMPORTANT INFORMATION about the CSOP Nifty 50 Daily (-1x) Inverse Product (the "Product")
IMPORTANT: Investments involve risks, including the total loss of your investment. Investors are advised to consider their own investment objectives and circumstances in determining the suitability of an investment in the CSOP Nifty 50 Daily (-1x) Inverse Product (the “Product”).
  • The CSOP Nifty 50 Daily (-1x) Inverse Product tracks the performance of a short position of an index on a Daily basis. The Product is only suitable for sophisticated trading-oriented investors who constantly monitor the performance of their holding on a daily basis, and are in a financial position to assume the risks in futures investments.

  • The Product is a high risk product designed to be used as short term trading tools for market timing or hedging purposes and is not appropriate for long term (longer than one day) investment. The performance of the Product, when held overnight, may deviate from the underlying indices. They may not be suitable for all investors. It is possible that the entire value of your investment could be lost.

  • Futures investments are subject to certain key risks including leverage, counterparty and liquidity risks. Movement in the prices of futures may be highly volatile. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the Product Key Facts Statement (“KFS”) for further details, including product features and risk factors. Investors should not base on this material alone to make investment decisions. If you are in any doubt about the contents of the Prospectus and KFS, you should consult your stockbroker or other financial adviser for independent financial advice.

  • The Manager may, at its discretion, pay dividends out of capital. Payment of dividends out of capital or effectively out of the capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. The Product may result in an immediate reduction of the NAV per Unit.
The material has not been reviewed by the SFC.
Product objective and Investment Strategy
  • The investment objective of the Product is to provide investment results that, before fees and expenses, closely correspond to the inverse (-1x) of the Daily performance of the Index. The Product does not seek to achieve its stated investment objective over a period of time greater than one day.

  • To achieve the investment objective of the Product, the Manager will adopt a futures-based replication strategy through investing directly in the nearest month SGX Nifty Index Futures subject to the rolling strategy to obtain the required exposure to the Index.

  • In entering the SGX Nifty Index Futures each calendar month, the Manager anticipates that no more than 12.5% of the Net Asset Value of the Product (the “NAV”) from time to time will be used as margin to acquire the SGX Nifty Index Futures. Under exceptional circumstances (e.g. increased margin requirement by the SGX in extreme market turbulence), the margin requirement may increase. The Manager will immediately notify Unitholders if the margin requirement exceeds 12.5%.

  • Not less than 87.5% of the NAV (this percentage may be reduced proportionately under exceptional circumstances where there is a higher margin requirement, as described above) in cash (USD) will be invested in cash (USD) and other USD denominated investment products, such as deposits with banks in Hong Kong and USD denominated investment-grade bonds and SFC authorised money market funds.
Intra-day Estimated NAV1 & Market Price2
Market Information3,4
Date Last Change Change
(%)
Official NAV per Unit in USD 23 Oct, 2017 1.6920 -0.0015 -0.0886
NAV per Unit in HKD* (for reference only) 23 Oct, 2017 13.2034 -0.0089 -0.0674
Closing Price for Trading unit in HKD 23 Oct, 2017 13.2400 0.0400 0.3030
* Exchange rate of USD to Hong Kong Dollar5 quoted by Reuters: 7.80345

Product information
Manager CSOP Asset Management Limited
Base Currency USD
Domicile Hong Kong
Asset Class Futures
Total NAV (USD)* 1,522,774.51
Outstanding Units* 900,000
Management Fee^ 0.99%
Ongoing Charges over a year (annual average daily ongoing charges)# 1.85% (0.007%)
Dividend Policy Annually in December subject to the Manager’s discretion
^ Include trustee fee, custodian fee and administration fee. Please note that the management fee may be increased up to a permitted maximum amount by providing one month’s prior notice to Unitholders. Please refer to the section headed “Fees and Expenses” in the Prospectus for further details of the fees and charges payable and the permitted maximum of such fee allowed, as well as other ongoing expenses that may be borne by the Product.

# This is indicative only because the Product is newly established. It represents estimated ongoing expenses chargeable to the Product as a percentage of the estimated average Net Asset Value of the Product. The actual figure may be different from the estimated figure and may vary from year to year.

* As of 23 Oct, 2017
Appropriation
Inverse Daily opposite return (-1x) of the underlying index
Actively Managed No
Swap Based No
Futures Based Yes
Securities Lending No
Underlying Index Information
Underlying Index Nifty 50 Index
Index Provider India Index Services and Products Ltd
Currency Indian Rupees (“INR”)
Index Launch Date 1 April 1996
Benchmark Level Type Price return
Bloomberg Ticker NIFTY
Trading Information
Exchange Hong Kong Stock Exchange – Main Board
Date of Listing / Dealing 20 July 2016
Primary Exchange Time Zone GMT+8
Exchange Ticker 7335
Bloomberg Ticker 7335 HK
ISIN HK0000299971
Trading Board Lot 100 Units
Trading Currency HKD
Participating Dealers6
Merrill Lynch Far East Limited
Nomura International (Hong Kong) Limited
Market Makers7
Bluefin HK Limited
Commerz Securities Hong Kong Limited
Performance
1 Month 6 Months 1 Year 3 Year Since Inception#
CSOP Nifty 50 Daily (-1x) Inverse Product 1.27% -13.71% - - -9.75%
Nifty 50 Index (Total Return) 1.27% 16.31% - - 11.64
No performance data can be displayed until 6 months from inception date.
All dollar amounts are in USD and all dates are in GMT+8 Time, unless otherwise specified
Performance is calculated on NAV to NAV basis in USD without any reinvestment of distributions.
As of 30 June 2017
2016
CSOP Nifty 50 Daily (-1x) Inverse Product 4.59%
Nifty 50 Index (Price Return) -4.02%
Nifty 50 Index (Total Return) -3.64%
No performance data can be displayed until 6 months from inception date
All dollar amounts are in USD and all dates are in GMT+8 Time, unless otherwise specified
Performance is calculated on NAV to NAV basis in USD without any reinvestment of distributions.
As of 31 January 2017

Performance Simulator
  • Investors should understand that the Inverse Product aims to provide returns closely correspond to the opposite/ inverse (-1x) of the Daily performance of the Index. It has to rebalance its position on a daily basis in order to achieve its investment objective. As a result of rebalancing, it may not track the opposite return of the Index when it is held for less than a full trading day or overnight.
  • Below is a performance simulator to allow investors to simulate the performance of the Inverse Product during the selected period based on historical data. The investor is assumed to hold the Inverse Product for the entire simulation period. The performance of the Inverse Product is calculated based on it's NAV. The performance of the Inverse Product may not reflect the returns that the investor would be able to obtain as it does not capture the premium/ discount of the Inverse Product, or the trading costs.

Performance Simulator

Please Select Period
Start Date
End Date
Simulation Results
CSOP Nifty 50 Daily (-1x) Inverse Product
-
Nifty 50 Index (Price Return)
-
Inverse (-1x) of Nifty 50 Index
-
Fund listing date: 20 July 2016. Where no past performance is shown, there was insufficient data available for that period to provide performance .
Source: CSOP Asset Management Limited and Bloomberg

Performance Chart


Tracking Difference / Error

Daily Tracking Difference (Daily TD)

  • Daily TD is the difference between the daily return of an Inverse Product and the daily opposite return of the underlying index.

Tracking Error (TE)

  • Tracking error measures how consistently an Inverse Product delivers the opposite return of the underlying index. It is the volatility (measured by standard deviation) of that daily return difference.
Tracking Difference Tracking Error

As of 30 September 2017
Product listing Date: 20 July 2016 Estimated Annual Average Daily TD: -0.01% Actual Avergae Daily TD: 0.01%
Since Listing (20 July 2016)

As of 30 September 2017
Product listing Date: 20 July 2016 Rolling 1-Year TE^: 0.16% ^Annualized based on the number of dealing days in the past year when daily TD is calculated
Graph for Tracking Difference

Product's performance is calculated on an NAV to NAV basis without any reinvestment of distributions.


Daily return of the Inverse Product and the daily opposite return of the underlying Index



Actual daily tracking difference



Holdings
Total Net Asset Value(USD)
(Deemed Total Net Asset Value (USD))1
Market Value of Futures Contracts (USD) Futures Contract Exposure2
1,522,774.51
(1,522,774.51)
-1,509,600.00 -99.13%
As of 23 Oct, 2017
1 Deemed Total Net Asset Value incorporates Creation/Redemption order amounts of above date.
2 Futures Contract Exposure = Market Value of Futures Contract/Total Net Asset Value
Futures Contracts Holdings
Futures Contracts Name Bloomberg Ticker Quantity
SGX Nifty 50 (IHV7) Oct17 IHV7 INDEX -74
As of 23 Oct, 2017
Product Holdings
Holdings Weighting
Cash and Cash Equivalents(USD) 62.92%
TREASURY BILL TBILL 0.000 26 Oct 17 13.13%
TREASURY BILL TBILL 0.000 16 Nov 17 13.13%

    > Click here to view Full Holdings Details in Excel
    As of 23 Oct, 2017

    All dollar amounts are in USD. All dates are in GMT+8 Time.

    Important information about Dividend out of capital / effectively out of capital
    • The Manager may, at its discretion, pay dividend out of capital. The Manager may also, at its discretion, pay dividend out of gross income while all or part of the fees and expenses of the Product are charged to/paid out of the capital of the Product, resulting in an increase in distributable income for the payment of dividends by the Product and therefore, the Product may effectively pay dividend out of capital.
    • Payments of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from capital gains attributed to that original investment. Any distributions involving payment of dividends out of the Product’s capital or effectively out of capital may result in an immediate reduction in the Net Asset Value (“NAV”) per Unit.
    Distribution History
    Ex-Date Record Date Payable Date Dividend Per Share Dividend Paid Out
    of Net Distributable Income*
    for the month
    Dividend Paid Out
    of Capital
    - - - - - -
    - - - - - -
    *“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.
    Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. There is no guarantee of distribution. Investors should read the relevant offering document (including the key facts statement) of the Product for further details including the risk factors.

    All dollar amounts are in USD. All dates are in GMT+8 Time.

    Documents
    Monthly Newsletter
    Product Key Facts
    Prospectus
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Announcement
    Monthly Return
    Unaudited Semi-Annual Accounts
    AUDITED ACCOUNTS
    Cap on ongoing charges figure
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Financial Reports
    Semi Annual Report
    Annual Report
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Index Introduction

    General Description

    • The Index tracks the performance of December month WTI Futures Contracts using the MLCX long dated roll methodology and seeks to minimise transaction costs by rolling only once a year. The Index is denominated in USD and is calculated and published daily. The Index was launched on 2 November 2009 and had a base value of 100 as at 31 December 1998.

    Rolling Schedule

    • The Index includes provisions for the replacement (also referred to as “rolling”) of the current year December month WTI Futures Contracts with the next year December month WTI Futures Contracts. Rolling will only take place during a specified Roll Period in each October. The Roll Period, during which the current year December month WTI Futures Contract held are sold and the next year’s December contracts are bought, is the period from the first to fifteenth Index business days (i.e. any NYMEX trading days on which the Index Provider is open for business) of each October.
    Index Historical Price

    1Index returns are for illustrative purposes only and should not be taken as an indication or guarantee of future performance. Management fees, transaction costs or other expenses are not reflected in index returns. Change indicates the change since the previous business day's closing index level. (Source: CCDC)
    2The credit rating cource may come from Moody’s Investors Service or Standard & Poor’s or local rating agencies as specific stated. the credit rating will be clearly stated to the bond issue or bond itself.
    Disclaimer

    This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

    The performance figures contained on this website are for informational purposes only. Past performance is not indicative of future performance. Investment involves risks and the Product's NAV per unit may rise as well as fall. Persons interested in investing in the Product should read the relevant offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.

    This website has been prepared by CSOP and has not been reviewed by the Securities and Futures Commission.

    1. Intra-day Estimated NAV per unit Calculations are performed by Ningbo Sumscope Information Technology Co Ltd (“Sumscope”). The near real time estimated NAV per unit in USD and HKD is updated during Hong Kong Stock Exchange trading hours. They are indicative and for reference purpose only. The near real time estimated NAV per unit in HKD uses a real time HKD: USD foreign exchange rate - it is calculated using the near real time estimated NAV per unit in USD multiplied by a real time HKD: USD foreign exchange rate provided by Sumscope when the SEHK is opened for trading. The near real time estimated NAV per unit in USD and HKD is updated every 15 seconds throughout the SEHK trading hours.
    2. Market prices are provided on a 20-minute delayed basis by Sumscope.
    3. Change of the official NAV per Unit in USD and change of the NAV per Unit in HKD indicate the change of the NAV per Unit since previous Dealing Day. Please refer to the Prospectus for more information on determination of Net Asset Value. Source of NAV per Unit in USD: HSBC Institutional Trust Services (Asia) Limited
    4. Change of the closing price in HKD indicates change of closing price since previous SEHK trading day. (Source: Bloomberg)
    5. The last closing NAV per Unit in HKD is indicative and for reference purpose only and is calculated using the last closing NAV per Unit in USD multiplied by an assumed foreign exchange rate using the USD exchange rate quoted by Reuters at 3:00 p.m. (Hong Kong time) as of the same Dealing Day.
    6. Additional Participating Dealer(s) will be appointed from time to time.
    7. Additional Market Maker(s) will be appointed from time to time.


    Index Disclaimer
    The Product is not sponsored, endorsed, sold or promoted by IISL. IISL does not make any representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of Nifty 50 Index to track general stock market performance in India. IISL does not have any obligation to take the needs of the Manager or the owners of the Product into consideration in determining, composing or calculating the Nifty 50 Index. IISL is not responsible for or has not participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Product.

    IISL does not guarantee the accuracy and/or the completeness of the Nifty 50 Index or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. IISL makes no warranty, express or implied, as to results to be obtained by the Manager, owners of the Product, or any other person or entity from the use of the Nifty 50 Index or any data included therein. IISL makes no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, IISL expressly disclaim any and all liability for any damages or losses arising out of or related to the Product including any and all direct, special, punitive, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages.

    An investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred to in clause above and will be bounded by it.

    Disclaimer
    This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

    The performance figures contained on this website are for informational purposes only. Past performance is not indicative of future performance. Investment involves risks and the Product's NAV per unit may rise as well as fall. Persons interested in investing in the Product should read the relevant offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.

    This website has been prepared by CSOP and has not been reviewed by the Securities and Futures Commission.